Business Law Final Flashcards
Agent
Acts as representative for another person/thing
Ex: lawyer
Principal
Person/Thing who is being represented, gives authority
Ex: Client, you company boss
Independent Contractors
- NOT employees
- Principal cannot have control over means of performance but what it is to be completed
Employees
- ARE employees
- Principal controls manner and means of agents performance
Creating a Principal and Agent Relationship
- Express Agreement
- Implied Agreement
- Agency by Estoppel
- Agency by Ratification
- Agency by Court
Express Agreement
Clear, unambiguous agreement with the creation of an agency
- must be oral or written
Alberty v. Puerto Rico
Was an I.C. and believed she was an employee of the company,
- Need to define the factors that make a person an employee or not
Agency Implied Agreement
Not explicitly stated, inferred through actions, assume, conduct or nature of the relationship
Ratification after the fact
One party accepts actions of another person AFTER the act happened (without prior authorization)
- must be fully aware and ACCEPT it
Agency of Estoppel
Agency is created because there was a reliance on the agency, principal denied or accepted the agency
Agency by Court
when a court creates an agency through an order, can force somebody to be an agent
Terminating Agency Relationship
- Mutual Agreement
- If act is full-filled
- Lapse
- If a duty is breached
- Unilateral
- Death or Incapacity
- Material Change
Undisclosed
agency exists but does want identity to be known to a third party, acts on their behalf
Power of Attorney
giving someone FULL power to act on you behalf or for you
Land
structures, building, things on property
Chattels
Personal Property things
Intellectual Property
Copyrights, trademarks, patents
Sale of Property
Tangible or intangible transfer of good for a price
Gift of Property
property given
- Delivery/ Actual Transfer of the Item
- Intent to give as gift
- Acceptance
Will / Descent of Property
Property obtained through death or stated in will
Accession of Property
Taking someone elses (chattel) property and adding value
- Good faith
- Addition of Labor
- Increases value?
Confusion of Property
when whoever owns the property becomes so confusing and people cannot identify
Possession of Property
Can acquire property through abandonment, mislaid, or possession
Fasces
symbol of ancient Rome (and USA), bundle of sticks
Fee Simple Absolute
when EVERYTHING of property is going from A to B (no strings attached)
Transfer Fee Simple
Whatever A owns goes to B (sale, gift, or will)
Reverter Interest
A to B for B’s lifetime
give _ to B, if B dies –> back to A
Life Estate Pour Autre Vie
A to B for C’s Lifetime
give _ to B, if C dies –> back to A
Vested Remainder Interest
A to B for C’s life, then to D
give _ to B, if C dies –> give to D
Qualified Fees
Property transfer Ownership that has conditions to be met when transfered
Ex: sell land to be a park and park only, will be returned if used for something else
Contingent Remainders
If an act or condition is met THEN they get the property
Dead Hand
Deceased person’s control after their death
Defeasible Interest
Property that can be REVOKED if certain condition occurs
Ex: I give my farm to B, but if they marry Joe, I get it back
Vested Interest
Someone has a guaranteed right to receive property in future with no conditions
Ameliorative Waste
Changes to property that INCREASE its value but are done without permission of the owner
Concurrent Ownership
Two or More people that share ownership of property at the same time
Tenancy in Common
the default, ownership is based upon how much you contribute to the property, right of refusal
Joint Tenancy
Two or more people who own 100% of the property, right of survivorship